22-8-2023 (SINGAPORE) Singapore recently witnessed a staggering anti-money laundering operation resulting in the seizure of assets and cash valued at S$1 billion. The operation led to the arrest of ten foreign nationals, all of whom curiously shared Chinese names, sparking intrigue in the city-state.
These individuals, collectively referred to as the “Fujian gang,” hailed from China and had been residing in Singapore for the past 6 to 7 years, according to an unnamed source cited by Shin Min Daily News. The source claimed to have interacted with some of the arrested individuals and described their lifestyles as “high-profile.”
The extravagant lives they led included driving luxury cars such as Lamborghinis and Ferraris, many of which were confiscated during the anti-money laundering raids. Additionally, they were known to frequent upscale establishments like Takashimaya and high-end nightclubs, where they indulged in drinking and singing. The gang often socialized with female companions from China, and their nights out at these venues could cost as much as S$1 million.
Prior to the pandemic, the Fujian gang frequented high-end nightclubs around Marina Square. However, their preferences shifted to the Orchard area following the pandemic.
Another real estate source revealed that the “Fujian gang” members predominantly originated from Fujian province in China, and there could be dozens or even hundreds of them in Singapore. The gang is subdivided into factions based on surnames such as “Su,” “Wang,” “Hu,” and “Chen.” Although these factions may not have close ties or frequent interactions, they are aware of each other’s existence.
Among the ten arrested individuals, Wang Dehai, a 34-year-old Cypriot national, is believed to lead the “Wang” faction, while 40-year-old Cypriot national Su Haijin reportedly leads the “Su” faction. Su Haijin made headlines by attempting to escape law enforcement by jumping off a balcony in Ewart Park, Bukit Timah, and hiding inside a drain.
Su Haijin was also said to have been a director of No Signboard Holdings (NSH) from October 2021 to June 2022. His older brother, Su Baolin, a 41-year-old Cambodian national, was arrested at a Nassim Road bungalow. Su Baolin is the founder of Xiamen Xinbao Investment Holdings and Meinin E-Commerce, according to the now-deleted Xiamen Xinbao’s website. He also established a company named Xinbao Investment Holdings in Singapore.
The “Fujian gang” was known for their penchant for Good Class Bungalows (GCBs) in upscale districts like Orchard and Sentosa Cove. Despite their substantial wealth, they often haggled for discounts of up to 20% or 30% on property prices, possibly due to their limited education levels, according to the real estate agent.
Notable real estate transactions involving members of the “Fujian gang” include the purchase of 20 units in Canninghill Piers for S$85 million in May 2022, the rental of a GCB in Queen Astrid Park for S$20,000 monthly in the past year, and the acquisition of an ocean-facing bungalow in Sentosa Cove for S$39.33 million, along with two adjacent bungalows for S$36.37 million.
Foreigners are generally prohibited from purchasing GCBs in areas other than Sentosa Cove, so the 10 arrested individuals opted to rent these prestigious properties.
An agent specializing in luxury rentals noted an increase in generous tenants from China over the past year. This shift was unusual compared to previous trends, with tenants demonstrating a willingness to sign long-term contracts and invest heavily in property renovations. Consequently, the demand for GCBs exceeded supply, leading landlords to raise rental prices.
Real estate agents praised Singapore’s law enforcement authorities for their actions against the ten foreigners suspected of money laundering, believing that this would benefit the local property market. These agents emphasized that such individuals had a detrimental impact on the market by buying and renting properties excessively without contributing significantly to Singapore’s economy.
As Su Haijin is expected to appear in court in the coming week, further revelations may unfold in this intriguing saga.
